The Chicago Mercantile Exchange has launched its new Bitcoin options on futures, following the acquisition of necessary regulatory approval.

The Chicago Mercantile Exchange (CME) has received necessary regulatory approval and has launched its new Bitcoin (BTC) futures options as of today, Jan. 13.

According to the official website of CME, the new type of Bitcoin derivatives contract — Bitcoin futures options — is now live, which comes in line with the company’s plans announced in November 2019.

CME’s Bitcoin futures options was subject to “regulatory approval” earlier in the day

Specifically, the launch of CME’s Bitcoin futures options follows regulatory approval that the exchange received earlier today, as reported by Cointegraph. As of press time, the approval notice has gone from the website, which apparently means that regulators have given the green light.

CME, one of the first exchanges to host Bitcoin futures contracts — alongside the Chicago Board Options Exchange back in 2017 — first announced its plans to introduce options on Bitcoin futures on Nov. 12, 2019. According to CME, the new product was announced in response to growing interest in cryptocurrencies and customer demand for tools to manage Bitcoin exposure.

Meanwhile, CME is purportedly the third global derivatives player to launch trading for options on Bitcoin futures. The exchange was apparently beaten by cryptocurrency derivatives exchange FTX that reportedly quietly launched Bitcoin options trading on Jan. 11.

As reported by Cointelegraph, the Intercontinental Exchange (ICE)’s digital asset platform Bakkt has become the first exchange to launch Bitcoin options in the United States.

According to estimates, crypto futures trading volume reportedly amounted to almost 50% of the value of spot trading on crypto markets as of late October 2019.